Morro do Pico, Niterói, Rio de Janeiro, Brazil.
The picture was taken in one of the fortress of Niterói, in Brazil. The panorama shows the city of Rio de Janeiro, located in the other side of the Guanabara Bay.

It took 60 shots to make this panorama.
Camera: Panasonic Lumix DMC-LZ5
Zoom: 6x - 6MP